Require agent’s buy to have a pre-approval letter from their lender, or if cash, proof of funds

Will call the buyer’s lender to make sure they have reviewed and approved the buyer’s past 2 years tax returns, credit report, and verified they have no adverse financial events in their near past, e.g. bankruptcy, foreclosure

Offer is presented: you may 1)accept 2)reject or 3) counter offer

Once the buyer received your counter offer, they have the same options; accept-reject-

Counter

This continues until buyer and seller agree on price and terms

Once contract is accepted and signed:

Order inspections, If it is an “As Is” sale, buyer has 10-15 days to have inspections made and decide if they are accepting the property or cancelling. Cancelling must be done in writing within the inspection period.

Within 18 days: Lender will order the property appraisal (banks valuation of the property)

Recommend that the survey is ordered at the same time as the appraisal

Loan commitment follow-up with agent and buyer’s lender to comply with their required documentation and verifications within the contract time period; 20-30 days. Under the new Consumer Financing Protection Bureau (CFPB) requirements as of October 3, 2015, all documents must be approved by all parties at least three days prior to closing, otherwise the closing could be delayed. This includes the Closing Disclosure (former HUD)

14 Days prior to closing:

Confirm all lender documents are submitted and approved by all parties including the Closing Disclosure

Walk through inspection: to make sure all items and property are in the same condition as at the time of contract signing; a second walk through may be scheduled 1-2 days prior to closing

Give wire instructions to the title company for the balance of funds due you at closing